SWANCORP · Chemicals
Swan Corp Ltd. reported revenue of ₹1,213 cr for April to June 2025, +6.2% on the year and +41.7% on the quarter. Over the last four quarters revenue comes to ₹5,009 cr, −6.5% on the four before.
Operating profit (EBITDA) was ₹27.0 cr, a margin of 2.2%, −3,114 bps on the year and +59 bps on the quarter. Over the last 8 quarters the margin has ranged from −34.4% to 33.4%, averaging 7.5%. Operating costs grew +55.8%, faster than revenue at +6.2%, so operating profit grew less than sales.
Net profit was ₹27.0 cr, −89.9% on the year and — on the quarter, with earnings per share of ₹0.61. Profit before other income, one-offs and tax fell 108.3%, so 18 points of the headline growth came from outside the core business. The tax rate of 20% is in line with its recent average. Profit over the last four quarters totals ₹634 cr, −10.7% on the four before.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹20.27 over the last four quarters, the stock at ₹242.14 trades at 11.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,592 cr | ₹1,398 cr | ₹1,142 cr | ₹1,032 cr | ₹1,908 cr | ₹856 cr | ₹1,213 cr | ₹1,138 cr | ₹1,150 cr | ₹870 cr | ₹1,014 cr | ₹1,046 cr |
| YoY | — | — | +42% | −16% | +20% | −39% | +6% | +10% | −40% | +2% | −16% | −8% |
| EBITDA margin | 16.1% | 8.4% | 33.4% | 11.6% | −34.4% | 1.6% | 2.2% | 0.4% | 2.2% | −30.0% | −0.4% | −0.5% |
| Other income, % of PBT | 27% | 23% | 6% | 54% | 169% | — | 174% | 4,700% | 700% | 195% | — | 950% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 6% | −40% | 16% | −17% | 49% | — | 20% | — | — | 23% | — | — |
| Net profit | ₹220 cr | ₹56.0 cr | ₹268 cr | ₹67.0 cr | ₹562 cr | −₹22.0 cr | ₹27.0 cr | −₹6.0 cr | −₹1.0 cr | ₹251 cr | −₹36.0 cr | ₹566 cr |
| YoY | — | — | +85% | −60% | +155% | −139% | −90% | −109% | −100% | — | −233% | — |
| Core profit YoY | — | — | +97% | −85% | −546% | −226% | −108% | −277% | — | — | — | — |
| EPS | ₹4.36 | ₹0.85 | ₹4.43 | ₹1.64 | ₹18.59 | −₹0.57 | ₹0.61 | −₹0.12 | −₹0.31 | ₹8.57 | −₹1.00 | ₹16.17 |
| Flags | · | 1 | ✓ | 3 | 3 | 2 | 3 | 3 | 2 | 2 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Swan Corp Ltd. reported revenue of ₹1,213 cr (+6.2% on the year) and net profit of ₹27.0 cr (−89.9% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved −108.3% on the year, against −89.9% for reported profit.
3 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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